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  • The video to launch a thousand conspiracy theories: Bank of America’s (BAC) director of public policy, James Mahoney, walks by Gov. Rick Perry after a speech and says: “Bank of America. We will help you out.” And then leaves. BofA says it doesn't endorse presidential candidates, but in any case, Perry might not be too eager for that sort of help.  [View news story]
    Judge Roberts what do you think of the actions you have unleashed on America?
    Aug 20, 2011. 05:15 AM | 1 Like Like |Link to Comment
  • It's not just John Boehner who falls afoul of the CBO, which says Harry Reid's budget plan would reduce deficits by $2.2T over a decade, less than the $2.7T the Senate majority leader targeted.  [View news story]
    Well if the defense department cannot even pass an audit then why are we throwing more money down that rat hole.
    Same hing for state. Maybe someone could explain the billion dollar budget for the New London Embassy?
    Jul 27, 2011. 10:14 AM | 1 Like Like |Link to Comment
  • The economic booms in Brazil and Chile owe at least a small debt to some of the more charming aspects of American finance, where retailers offer easy credit to lure customers into buying items they can't afford. Once ensnared, consumers find themselves subject to terms that can be changed on a whim and trailed by a credit score that affects all aspects of their life.  [View news story]
    Or to re-phrase, "Never give a sucker an even break".
    Jul 24, 2011. 11:12 AM | 4 Likes Like |Link to Comment
  • The CFPB opens for business tomorrow aiming to curb mortgage and credit card abuses, even as the fight over who leads the agency rages on. Senate Republican leader Mitch McConnell threatens to hold up the nomination of Obama-pick Richard Cordray if the new agency isn't made more accountable and transparent.  [View news story]
    Unregulated Banking ( versus Average Joe Taxpayer (

    So it is time for the AJT to bend over and take it again.

    UB is more equal then AJT (animal farm)

    AJT is not too big to fail as UB, but the Feds changed the bankruptcy laws to make it harder on AJT (der voter) and not the UB's (Cash Rich Resource)
    Jul 20, 2011. 05:27 PM | Likes Like |Link to Comment
  • Ron Paul to fellow House members, as they prepare to vote on the "Cut, Cap and Balance" bill: "What we really need is a constitutional amendment to limit taxes and spending, not simply to balance the budget. What we need is a dramatically smaller federal government. If we achieve this, a balanced budget will take care of itself."  [View news story]

    I am reminded of my Supply Sargent in basic training telling us that the Vietnam war was stimulating the American Economy. He used the example of clearing an Landing Zone cost on average 80K.

    The only problem was it was not an investment in growing productive assets in the US.
    Jul 19, 2011. 11:30 PM | Likes Like |Link to Comment
  • Those "cheap" bank stocks (XLF -2.3%) just keep getting cheaper, among the biggest decliners today on the specter of debt crises on both sides of the Atlantic. It could get even worse, as big banks begin to report Q2 results later this week amid expectations of Q/Q revenue drops averaging as much as 25%. A sea of red: JPM -3%, BAC -2.8%, C -3.6%WFC -2.4%.  [View news story]
    But who is covering the CDS. Will the maker have the ability to pay out if the paper fails? AIG all over again
    Jul 11, 2011. 12:34 PM | Likes Like |Link to Comment
  • True story: A Seattle news channel reports that JPMorgan Chase (JPM) sent one of its customers to jail for the weekend - and caused him to lose his job and car - after he tried to cash a Chase check that a Chase bank had issued to him.  [View news story]
    If Mr. J. Dimon had any style he would take personal responsibility for Chases Action. He should go to Washington and personally apologize for the screw up. He should out of his own pocket try and make it right.

    But then Bankers are not known for trying to do the right thing. They will hide behind lawyers and maybe in 10 years the case will settle cause the guy died.
    Jul 9, 2011. 10:02 AM | 2 Likes Like |Link to Comment
  • The Fed's "feeble" debit card swipe fee rule gives big U.S. banks "a $4B annual present and flagrantly disregarded the law to do so," Adam Levitin writes. "The Fed was designed to be politically insulated, but it is turning into a rogue agency that is insulated only from the quaint idea of following the law, not from the wishes of the banks."  [View news story]
    And Monopolies are just fine by you also.....
    Jul 9, 2011. 09:51 AM | 1 Like Like |Link to Comment
  • The long-shot campaign for a bill to allow companies to bring home hundreds of billions in overseas profits at a bargain tax rate gets a boost as sources say NY Senator Schumer is warming to the idea. If it passes, look for share buybacks and dividends to increase at the affected firms.  [View news story]
    So you give the multi-nationals a tax break by letting them defer taxes on earnings until dividends are paid. But in the mean time they are allowed to take a credit for foreign taxes paid on those earnings.

    So lets change it so that taxes are due when income is earned. No more deferrals.
    Jun 21, 2011. 10:12 AM | 1 Like Like |Link to Comment
  • The idea of a brief technical U.S. default - gaining ground recently among Republican lawmakers - is "playing with fire," says Li Daokui, a PBOC adviser. Tiring of threats of catastrophe from the usual suspects, Republicans feel bondholders would put up with a minor delay if the result was a more sustainable budget.  [View news story]
    Dr Peabody and his boy Sherman use Dr Peabody's Wayback machine to return to the early 1970's. A republican has been voted in as President (Nixon and Agnew) to replace a long line of Democratic presidents.

    Oh look the US has invaded Cambodia. The war is being put on the US credit card. Inflation is rising and the economy is slowing. And Sherman do you remember the Republican Solution to all of these economic problems.

    Why yes Sherman it was Wage and Price controls. Followed by the Fed pumping money into the economy.

    But Mr. Peabody what does this have to do with today? Let see Sherman:
    2 Wars on the credit card.
    Prescription coverage added to Medicare
    No additional sources of funding
    And now the Republicans think the solution to all this is to allow the US to go into Technical Default. And I will bet dollars to donuts the Law of Un-intended Consequences will byte us in the Ass. But as Dr Peabody knows the Repubicans will do very un-republican economic policy. So bend over America our leadership is about to give it to us in the end again.
    Jun 8, 2011. 11:02 AM | 4 Likes Like |Link to Comment
  • Economy Circling the Drain? Watching and Waiting [View article]
    The market at best is a barometer of the actual economy. So the question to ask here is what is holding the economy back? The way it works in the real world is you fix the economy you fix Mr. Market. So what is the fed really doing to assist the economic recovery?
    What is Congress doing to assist the economic recovery?
    Now is we had real political leadership they should be working together. Unfortunately as Mr Stockman put it, we are in an age of "Crony Capitalism"
    Jun 6, 2011. 03:29 PM | 2 Likes Like |Link to Comment
  • The House is expected to vote tonight on a debt limit increase, in a purely symbolic attempt to demonstrate the lack of support for borrowing money without also making major cuts in federal spending. House leaders timed the vote to demonstrate their resolve before the Republican conference visits Pres. Obama tomorrow.  [View news story]
    What a bunch of drama queens. It is time to show themselves as the leaders they were elected to be.

    Does anyone really think the debt limit will not be increased.
    May 31, 2011. 10:46 AM | 3 Likes Like |Link to Comment
  • Let's hope assurances that today's housing market woes are "contained" turn out better than last time. One thing's clear: QE2, which seems to have boosted consumer spending (and equity markets), did nothing for real-estate.  [View news story]
    Their is still air in the bubble based on long term home values. People forget how much the banks credit policies inflated home values.
    If the Saving and Loan Debacle of 1980's is an example it will take 5 years to work through the foreclosures. So we still have another year year and a half based on past real estate adjustments.
    May 29, 2011. 12:29 PM | 4 Likes Like |Link to Comment
  • Gasoline futures trade near session highs after Exxon Mobil (XOM -0.1%) reports that repairs to its Joliet refinery would take 7-10 more days. Both Exxon and Marathon Oil (MRO -1.1%) have been active buyers in the spot market over the past few days since reporting problems at their Midwest refineries.  [View news story]
    And none of Exxon Management have Gasoline futures in their personal portfolios......
    May 27, 2011. 05:40 PM | Likes Like |Link to Comment
  • Goldman Sachs (GS) announces the hiring of former New Hampshire Republican senator Judd Gregg to be an international adviser to the firm. The NYT's Binyamin Appelbaum calls for "a web page that tracks the flight of public servants to lobbying jobs."  [View news story]
    From Wikipedia about the fair Republican Senator
    Born on February 14th 1947 which meant his Lottery draft number for Vietnam was 4. His daddy being the governor and all that had nothing to do with his not being called up.

    "In the Senate, Gregg was the leading Republican negotiator and author of the TARP program, which bailed out financial institutions, while he had a multi-million dollar investment in the Bank of America"

    ^ Zajac, Andrew (February 4, 2009). "Commerce Nominee's Own Finances Have Suffered". Chicago Tribune.
    ^ "Gregg: Bailout Isn't Just An Exercise in Political Ideology". The Hill. 2008-09-28. Retrieved 2009-10-04.

    Real piece of good ole boy American Work. Should fit in with them Goldman Boys.
    May 27, 2011. 05:38 PM | 4 Likes Like |Link to Comment